Earthport Shares Fall After MasterCard Lapses Offer Ending Bidding War
March 08 2019 - 10:55AM
Dow Jones News
By Ian Walker
Shares of Earthport PLC (EPO.LN) fell 23% Friday after
Mastercard Inc. (MA) lapsed its offer for the London-listed
financial-services company, putting an end to a near three-month
bidding war for Earthport.
Mastercard said Friday that it has received acceptances from
just 0.29% of its British company's shares--far less than the 75%
level required--and that its offer has therefore lapsed.
The bidding war for Earthport was triggered in December when
Visa Inc. (V) made its original 30 pence-a-share offer for the
company.
Mastercard subsequently trumped Visa with its own 33
pence-a-share offer for Earthport in January. However Visa then
raised its offer for Earthport 37 pence a share on Feb. 8.
Earthport shares at 1515 GMT were down 11.20 pence, or 23%, at
36.80 pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
March 08, 2019 10:40 ET (15:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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